WASHINGTON, D.C. - (Mealey's) A former subsidiary of Bank of America Corp. that is now part of Merrill Lynch, Pierce, Fenner and Smith LLP on Dec. 7 agreed to a $137 million settlement of a Securities and Exchange Commission investigation into allegations of bid rigging during the investment of proceeds...

The SEC filed an action against a Texas and Mexico based unregistered investment adviser, Jorge Gomez, charging that he misappropriated millions of dollars from one client. The Commission's complaint also named as a defendant the broker and investment adviser for whom he acted as a "finder,"...

Isaacs v. Chartis Specialty Ins. Co. , 2014 U.S. Dist. LEXIS 44053 (S.D. Cal. Mar. 31, 2014), [ enhanced enhanced version available to lexis.com subscribers ].
In Isaacs , the district court held that the insurer breached its duty to defend an underlying action alleging that the insureds were negligent...

When an insured is denied coverage for a claim it is not unusual for someone to suggest that the fault lies with the insured’s broker for its failure to have obtained it.
[On one hand, broker liability cases are not true coverage cases. On the other hand, they are nothing short of coverage cases...

The Vermont Department of Financial Regulation has adopted regulations that update the rules for the licensing and regulation of mortgage brokers. The regulation sets forth standards on:
· Individuals who may be authorized to act as a mortgage loan originator (MLO) under the mortgage broker's...

In a decision issued earlier this month, the Appellate Division reinstated a lawsuit against a real estate broker who failed to relay an offer from the buyer to its client, the seller. If you are thinking, as I was, "of course the court would do this, why wouldn't you be able to sue" then...

By Douglas M. Palais
Even though issuing certificates is an important part of the service that you provide to your customers, from an E & O standpoint, they must be handled with extreme care. The following points are not comprehensive, but demonstrate a few of the specific risks and offer some...

Political Overview
Republicans fared well in the election cycle that preceded the 2015 Florida Legislative Session. Despite a tight race, Republican Governor Rick Scott won re-election as did the other three GOP Cabinet members. Additionally, Republicans took six House seats from the Democrats...

If you do construction defect coverage work, then you’ve definitely seen an endorsement, on a general liability policy, that is along the lines of this (but with more detail): If liability arises out of the insured’s use of a sub-contractor, no coverage is owed to the insured if the sub-contractor...